The Indian stock market is expected to open in the red as trends on SGX Nifty indicate a gap-down opening for the index in India.
The BSE Sensex was down 243.62 points to close at 47,705.80 on April 20 while the Nifty50 fell 63.10 points to 14,296.40. According to pivot charts, the key support levels for the Nifty are placed at 14,160.13, followed by 14,023.87. If the index moves up, the key resistance levels to watch out for are 14,479.83 and 14,663.27.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
Wall Street rebounded on Wednesday after a two-day decline in a broad rally as a tilt toward stocks poised to benefit from a recovering economy offset Netflix Inc’s sell-off after its disappointing results a day earlier.
The Nasdaq Composite added 1.19% to 13,950.22. The Dow Jones Industrial Average rose 0.93% to 34,137.31, while the S&P 500 gained 0.93% at 4,173.42.
Asian markets rose in Thursday’s morning trade following an overnight bounce on Wall Street. The Nikkei 225 jumped 1.2% in early trade. The Topix index gained 1.13% while the South Korea’s Kospi advanced 0.41%.
Trends on SGX Nifty indicate a gap-down opening for the index in India with a 165 points loss against April 20 close wherein Nifty closed at 14,296. The Nifty futures were trading at 14,131 on the Singaporean Exchange around 07:30 hours IST.
Oil slips on COVID-19, data woes
Oil prices continued to be weighed down by rising COVID-19 cases in Asia. U.S. crude fell 2.49% to $61.11 per barrel and Brent was at $65.07, down 2.25% on the day.
The value of the foreign portfolio investors’ (FPI) holdings in the domestic equities reached a record USD 555 billion in 2020-21, a whopping USD 105 billion growth between September 2020 and March 2021, according to a report.
As against this, the value of the domestic institutional investors at USD 203 billion was not even half, according to the data compiled by Bank of America (BofA) Securities.
FPIs have put in more money into the markets since then, having invested net USD 7.2 billion till April 16 (Year-To-Date 2021), making the country the only market that has seen net positive inflows in the year, despite a dip in March when it slowed to USD 1.4 billion from USD 3.5 billion in February and USD 2.2 billion in January.
The outstanding overdues of power distribution utilities fell by over Rs 15,118 crore to Rs 74,510 crore in March this year, as compared to the preceding month, mainly due to the release of the second tranche of liquidity infusion package, according to PFC Consulting Ltd data.
The overdue amount stood at Rs 89,628 crore in February.
Listed firms mopped up Rs 7.72 lakh crore through issuance of bonds on private placement basis in 2020-21, an increase of 14 per cent from the preceding fiscal, supported by low interest rate and surplus liquidity in the system.
This also marks the highest level of fund raising through such a route in a financial year.
Net new enrolments with retirement fund body EPFO grew by nearly 20 percent to 12.37 lakh in February compared to the same month in 2020, according to the payroll data released on Tuesday, providing a perspective on formal sector employment amid the coronavirus pandemic.
The provisional payroll data of EPFO highlights a growing trend with the addition of 12.37 lakh net subscribers during the month of February 2021, a labour ministry statement said. The data reflects growth of 3.52 percent in net subscribers addition in February over January.
With the pandemic caseload remaining over 2.5 lakh for the second day, a report has warned of the grim economic scenario as with even limited restrictions on people’s movement and some businesses, power consumption and e-way GST bill collections are already down.
The report has also called for speeding up the vaccination drive that of late has been on the decline on a weekly basis.
Exports reviving, may be in positive territory in FY22: Commerce Secretary
The country’s exports are reviving and the shipments are expected to be in the “solid” positive territory in this financial year, Commerce Secretary Anup Wadhawan said on Tuesday. He said that exports recorded a significant contraction in April last year but gradually things started improving and the shipments have entered the positive territory.
“So, I am quite positive and hopeful that in 2021-22, we will be in solid positive territory. I have no doubts about that. But I do not want to predict numbers and make any targeted projections,” the secretary said.
Results on April 22
Cyient, Indus Towers, Rallis India, Sasken Technologies, Tata Elxsi, Visaka Industries, Amal, Fineotex Chemical, Filatex India, Hindustan Bio Sciences, Indbank Merchant Banking Services, and Ind Bank Housing will release their quarterly earnings.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 1,082.33 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 1,323.01 crore in the Indian equity market on April 20, as per provisional data available on the NSE.
2 stocks under F&O ban on NSE
SAIL and Sun TV Network are under the F&O ban for April 22. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.